Schemes such as the payment of outstanding dues in equated monthly installments (EMIs) and additional facilities, such as access to premium services at hotels and airlines, including lounge access have escalated the total cards in circulation and the total transaction value within Asia.
- Numerous companies such as Amazon, MakeMyTrip, NUS Singapore, Manchester United, Ferrari, and others are offering co-branded credit cards that provide facilities such as low annual fees, gift vouchers on joining and lucrative cashback offers. The total transaction value within the Asia credit card market is expected to showcase a forecasted CAGR of 7.4% during 2018-2025.
- Trends such as environmental sustainability, sustainable procurement, and adoption of technologies such as IoT and artificial intelligence are expected to shape up the delivery of credit card products and services in the near future.
Credit card issuers and operators have also focused on strengthening acceptance infrastructure, promoting and incentivizing digital payments for the right target audience, and partnering with key technology players which will give a positive outlook for the future and hence it is expected that the number of transactions will have positive growth. Issuers and operators have firstly adopted and are encouraging the introduction of a QR code for low-value payments, contactless payments and payment gateways for processing M-commerce transactions through tokenization in most of the Asian countries.
Adoption of New Technologies: Most of the issuers launched a platform to facilitate single-click real-time payments from consumers to merchants via their respective bank accounts. Payments between accounts of different banks, enabled by a common real-time switch have created major opportunities for real-time payment apps such as Paytm, ApplePay, WeChat Pay and others. Many FinTech players can look at developing apps to support these payments in Asia while also developing similar systems in countries such as Afghanistan, Pakistan, Bangladesh, and Nepal. Sri Lanka’s issuance of a national standard for QR-based payments has further provided a boost to the QR revolution in the Indian sub-continent. This opens up a range of opportunities for banks and financial institutions to enable QR-based payment applications. The countries should also be open to setting up a regulatory sandbox for FinTech firms to test new as well as innovative products for greater financial inclusion.
Analysts at Ken Research in their latest publication “Asia Credit Cards Market Outlook to 2025 – By Commercial and Personal Credit Cards; by Transactions at ATM and POS terminals; by Total Cards in Circulation; by Transaction Value and Volume through issuers & operators; and By Major Countries (Japan, South Korea, India, China, Indonesia, Philippines, Singapore, and Others)” believe that the Asian credit card market will increase owing to rising millennial population and the growth in the technology and FinTech in all the Asian countries. This rise is expected to boost the demand for credit card products and services in Asia owing to the requirement of both personal as well as commercial credit cards. The market is expected to witness a forecasted CAGR of 6.8% in terms of total cards in circulation and a CAGR of 7.4% in terms of total the transaction value for the period 2018-2025.
Key Segments Covered:-
Credit cards
Value of transaction by Issuer and Operator
The volume of a transaction by Issuer and Operator
Number of Credit Cards in Circulation by Issuer and Operator
Commercial and Personal Credit Cards
Transactions at ATM and POS
Countries
India
Indonesia
Malaysia
Singapore
Philippines
South Korea
China
Japan
Other Countries (Vietnam, Thailand, Hong Kong, Taiwan and Rest)
Key Target Audience
Credit/ Debit Card Operator
Credit/ Debit Card Issuers
Prepaid Card Issuers/ Operators
Local/ Foreign Bank
Reward/ Loyalty Program Business Operators
Payment gateway provider
Credit/ Debit Card Issuer
POS Device Manufacturers
Debit/ Credit Card Manufacturing companies
ATM Manufacturing Entities
Regulatory Authorities
Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2018-2025
Companies Covered in Asia Credit Card Market:-
Banks (Issuer)
HDFC, India
Bank Mandiri, Indonesia
Bank CIMB Niaga, Indonesia
UOB, Singapore
DBS, Singapore
Citibank Bhd, Malaysia
Malaysian Banking, Malaysia
Shinhan Card, South Korea
KB Kookmin, South Korea
BDO Unibank, Philippines
Metropolitan Bank, Philippines
ICBC Bank, China
China Merchants Bank, China
JCB, Japan
Credit Saison, Japan
Others (SBI India, Bank CIMB Niaga Indonesia, Bank Mega, Citibank, HSBC Holdings Plc, Rizal Commercial Banking CORP (RCBC) and Rest)
Operators
Visa Inc.
MasterCard
American Express
Bank Central Asia
Union Pay International
Others (Shinhan Card, BC Card, Petron Corp, Taiwan Rakuten Card and Rest)
Key Topics Covered in the Report:-
Asia Credit Cards Market Overview and Genesis
Asia Credit Cards Market Value Chain and Business Model Analysis
Asia Credit Cards Market Size
Trends and Developments in Asia Credit card Market
Issues and Challenges in Asia Credit Cards Market
SWOT Analysis of Asia Credit Cards Market
Regulatory Landscape in Asia Credit Cards market
Asia Credit Card Market Future Outlook and Projections
Country Profiles (Japan, South Korea, India, China, Indonesia, Malaysia, Philippines, and Singapore) within Asia Credit Cards Market
Analyst Recommendations in Asia Credit Cards Market
Success Case Study in Asia Credit Cards Market
For Information Click On the Below Mentioned Link:-
Asia Credit Cards Market Research Report
Related Reports by Ken Research:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
